Sheffield-based video gaming firm Sumo Group plc said on Thursday it raised £13.7 million through the sale of 7,588,500 new ordinary shares in the company.

The company said it intends to use the proceeds of the share placing to “take advantage of potential M&A opportunities that may arise” and will update shareholders on these as they progress.

The company said in a stock exchange statement: “Sumo … is pleased to announce that, further to the announcement made on 15 July 2020 entitled ‘Proposed Accelerated Bookbuild to raise gross proceeds of up to approximately £13.7 million,’ the Bookbuild has closed and the company has raised gross proceeds of £13.7 million (before expenses) through the successful placing of 7,588,500 new ordinary shares of £0.01 each in the capital of the company, representing 5% of the company’s issued share capital prior to the placing, at a price of 180 pence per placing share …”